India’s wholesale inflation in June 2023 contracted to 4.12 per cent year-on-year, the third month in a row to see negative growth, according to the latest official data released on Friday. The WPI inflation had stood at (-) 3.48 per cent in May 2023.
The latest WPI inflation rate is the lowest since October 2015, when it had come in at (-) 4.76 per cent.
“The decline in the rate of inflation in June 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles,” the commerce and industry ministry said in a statement on Friday.
According to the statement, the annual rate of inflation based on all India Wholesale Price Index (WPI) number is(-) 4.12 per cent (provisional) for the month of June 2023 (over June 2022) against (-) 3.48 per cent recorded in May 2023.
However, the food inflation, based on the WPI Food Index, rose from (-) 1.59 per cent in May 2023 to (-) 1.24 per cent in June 2023, amid rising vegetable prices including tomatoes.
However, the latest CPI data released on Wednesday showed retail inflation in June 2023 increased to 4.81 per cent after declining for five months. At 4.81 per cent, the retail inflation in June 2023 remains within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent for the fourth month in a row.
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